(Intraday) Nifty Long! Ascending Triangle

May 10, 2020

This Analysis is been done on the SGX Nifty, SGX Nifty open before and Close after Indian Market. Recent time major action is on SGX Nifty due to which Indian Market Open with GAP UP or GAP DOWN.

1. Ascending Triangle Pattern on an Hour Chart. We may see a Breakout at 9340, But , 9350 is the important 38% Fibonacci Retracement from Pre - COVID 19 Nifty Price. So , It is better to Buy Above 9350

2. To Find the reversal level AB=CD is drawn from the recent Low AC =0.617( Near to 61.8 Level) and for the complete AB=CD Pattern BD=1.27.
So, Assuming BD=1.27 D Point form at 9400.

3. Story of 9400 - It is also a 38% Fibonacci Retracement from the recent high 9904. When this price will be touch , it will act like Triple Top Pattern

4. To find the price to fall from the reversal Point. I have drawn Cypher Pattern on the AB=CD Pattern.

5. Cypher Pattern , XB=0.62(Near to 0.618 Level) , AC=1.15(Near to 1.13 Level).
Assuming XD=0.786 ( to Satisfy Cypher Pattern). D Point form at 9170.

6. Buy Above: 9350 Target 9369, 9400 Stop Loss:9324

IF YOU LOVE MY STUDY PLEASE LIKE THIS STUDY AND IF YOU WANT MORE STUDY FROM MY STUDY PLEASE FOLLOW ME PROFILE HERE